Re:An Iraqi who saved Norway from oil (2009)
by trikonasana on Sunday April 07, 2019 @11:50AM
(#19597533)
Not necessarily, for instance several US states like Texas and Alaska have sovereign wealth funds. Their assets include land (that they sometimes sell) and royalties that they collect on from oil and gas production. So yes, you have the wealthy oil tycoons, but you also have the state benefiting as well.
Erm, the wealth comes from finding a valuable resource. The oil isn't there due to following a particular ideology.
A capitalist system would give that resource to private wealthy individuals as reward for being wealthy (eg owning the land where the well-heads are). The sovereign wealth fund is more like common ownership, socialist-communist.
The socialist-capitalist dichotomy is based on ownership and the profit (financial or otherwise) of that ownership. Capitalism means narrow private ownership, the profit going to those owners; socialism democratises the ownership and benefit -- they are contradictory.